Kenne Michael 
Michael Egorov Secures $65M Loan with $24M Aave Deposit
Michael Egorov decision to take this action is a clever tactic to safeguard himself from the unpredictable fluctuations in the cryptocurrency market.
Starting in April, Egorov initiated the process of borrowing stablecoins through Aave. Specifically, he obtained $37 million worth of tether (USDT), which was subsequently sent to the Bitfinex crypto exchange, while $51 million in USDC was directed to Wintermute, a well-known market maker. By utilizing these stablecoins, Egorov engaged in trading activities within the cryptocurrency market.
4/ From June to September 2021, https://t.co/KJyxZS1wiW Founder transferred 4.74M $USDT to address"0xb10f", mainly for providing liquidity on https://t.co/KJyxZS1wiW.https://t.co/LahbuLDVAM
And he deposited a total of 4M $USDT on #Kraken.https://t.co/n0FCGNcTDP pic.twitter.com/JROlWmO8gv
— Lookonchain (@lookonchain) June 12, 2023
According to Debank, Egorov’s wallet has contributed $188 million as collateral on Aave and borrowed $64.2 million in USDT in an active position. Currently, the health rate of this position stands at 1.68. It is essential for Egorov to monitor the market closely, as the collateral will be liquidated automatically if the health rate falls below 1.00. Hence, Egorov must remain vigilant and prepared to take appropriate measures if the health rate declines.
The current trading price of CRV stands at $0.65, experiencing a 2.1% decrease in the past 24 hours. In an unexpected move on Saturday morning, it plummeted by over 17%. This sudden decline reflects the high volatility characteristic of the cryptocurrency market. If CRV’s price continues to decline in the upcoming months, it will adversely affect the value of the collateral and the health rate. Consequently, Egorov could potentially incur losses.
Despite the associated risks, Egorov appears confident in his strategy. CRV is currently 90% lower than its all-time high of $6.50 in 2022. However, Egorov believes the cryptocurrency market is still in its early stages and holds growth potential. By depositing additional collateral, Egorov is placing a bet on the long-term prospects of the cryptocurrency market.
